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Tax-Smart Retirement Savings Strategies - Part A (w/John Vento, CPA, CFP) [Ep.17]
Manage episode 385547567 series 3479169
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In this episode you’ll learn:
• How to calculate your specific “Point X” (the point at which you reach financial freedom) and can retire using actual data from your individual situation!
• How to use a Traditional IRA to decrease your taxable income and accelerate your wealth accumulation.
• The pros and cons of a Traditional IRA vs. a Roth IRA and how to determine which is better for your circumstances.
• The tremendous advantages of owning your own practice when it comes to your ability to aggressively save for retirement and reach Point X at an earlier age.
• How to use defined benefit and/or cash balance plans to lower your tax burden AND maximize retirement savings for practice owners and independent contractors.
• How to implement different retirement plan strategies based on your particular practice situation ranging from a one-man show to a group practice.
• The tremendous advantages of employing your spouse and children and how to maximize your retirement savings when you do.
• Retirement savings strategies for older docs to accelerate their ability to get to Point X by using a 401k with profit sharing and a defined benefit cash balance plan.
• How avoiding the Medicare tax alone will more than cover the administrative costs of implementing a qualified retirement plan.
LINKS:
• Link to Part 1 (Important Tax Information for Dentists): https://www.youtube.com/watch?v=1-EXO-IlQgs&ab_channel=DeLukeOrthodonticCoaching
• Link to Part 2a (https://www.youtube.com/watch?v=tyQTdCy2DxA&t=6s&ab_channel=DeLukeOrthodonticCoaching)
• Link to Part 2b (https://www.youtube.com/watch?v=Tt0yneFair0&t=990s&ab_channel=DeLukeOrthodonticCoaching)
• Link to Part 3a (https://www.youtube.com/watch?v=1-EXO-IlQgs&ab_channel=DeLukeOrthodonticCoaching)
• Point X Calculator (https://www.ventotaxandwealth.com/resource-center/retirement/saving-for-retirement)
• To purchase John’s Book: https://www.ventotaxandwealth.com/buy-the-book
• You can find more information on John and his firm, Vento Tax and Wealth Management, at www.VentoTaxAndWealth.com.
• See John Lecture at the Greater NY Dental Meeting! Go to www.gnydm.com and find his courses:
o 10 Characteristics of Multi-Millionaire Dentists (11/24/23 @ 9am-Noon; 11/29/23 @ 2-5pm)
o Creating a Financially Successful Dental Practice (11/29/23 @ 9am-Noon)
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